Patience has been the operative word for the gang behind the ScotiaMocatta Physical Copper Fund.

The original prospectus for what is believed to be the world's first physical copper fund, was filed last July. The fund, created to provide investors with "direct exposure to the price performance of physical copper," a model that has been used for other commodities most notably gold and uranium, has been given the green light by the regulatory authorities.

Along the way there have been a couple of changes: The fund, a closed-end investment trust, is now offering two classes of units – the regular Class A and a new Class F or advisor series. As well, the fees are lower than originally anticipated: The Class A will now attract a 5.25% fee (for the Class F the fee is 2.25%) or 25 basis points lower than what was being demanded nine months ago. Instiututions will be the expected buyers for the Class F units. One other change: The recently filed prospectus contains the names of the rest of the syndicate members. The earlier version named only one underwriter, Scotia Capital.

One reason for a copper fund is that it represents a so-called "pure play" on a commodity, which is important in the world economy. On the other hand, it's not possible to achieve such a focus by owing a number of copper producers because those companies also produce other commodities.

So how come it took so long for the issue to be cleared? The parties aren't saying, but delays of this length are normally associated with the regulators getting comfortable with the terms and conditions of the offering. The OSC's main job is investor protection, part of which is achieved by ensuring the prospectus is as clear as possible. The OSC was given a not-so-subtle reminder of its responsibilities this week by the Standing Committee of Government Agencies, a committee of the Ontario government. And for good measure, the committee, in a 49-page report, indicated areas, most notably the asset backed commercial paper mess, where the OSC wasn't as vigilant as it should have been.